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ProcureYard raises $1.72 Mn in seed round

Entrackr · 1m

ProcureYard, a B2B commerce platform for raw materials, has raised a seed round of $1.72 million led by Powerhouse Ventures. The round also saw participation from Java Capital, 2am VC, and well-known angels Abhishek Goyal, Co-founder of Tracxn, and Rajesh Sawhney, Founder of GSF. The proceeds will be used for product development and working capital management. ProcureYard plans to use its custom-built conversational AI platform in metals and replicate it to other raw materials. The company aims to increase its market presence with its supply chain solutions. Founded in 2023 by Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal, ProcureYard offers a suite of solutions, including procurement and sale of construction raw materials, excess inventory liquidation, customization services, logistics management, financing options, and vertical AI solutions for supply chain optimization and customer relationship management. Operating across 20 states, ProcureYard claims to have built a network of over 200 suppliers serving more than 200 SMEs in India. The company also claims to have reached an important milestone of Rs 300 crore in ARR (annualized revenue run rate) and has turned profitable while growing 6X. The company aims to touch an ARR of Rs 3,000 crore in the next 12–18 months. The firm has also launched a multi-lingual voice agent that understands customer inquiries and matches them with the right set of suppliers.